Iranians attend the funeral of seven members of the Islamic Revolutionary Guard Corps who had been killed in a Syrian airstrike that Iran blamed on Israel in Tehran on April 5, 2024.
Atta Kenare | AFP | Getty Images
U.S. crude oil futures fell on Monday after Israel diminished its presence in Gaza.
West Texas Intermediate for May supply fell 48 cents, or 0.55%, to settle at $86.43 a barrel. The Brent June contract fell 79 cents, or 0.87%, to settle at $90.38 per barrel.
Israel withdrew troops from the southern Gaza metropolis of Khan Yunis over the weekend, bringing troop ranges within the enclave to one of many lowest ranges for the reason that conflict with Hamas started final October. Ceasefire negotiations between Israel and Hamas proceed in Cairo.
U.S. crude oil and Brent crude rose greater than 4% final week as tensions between Israel and Iran escalate, renewing issues {that a} direct confrontation between the 2 international locations might result in a regional battle that disrupts oil provides. Ta.
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A senior Iranian army adviser warned Israel over the weekend that its embassy might be focused. The Iranian authorities has accused Israel of a missile assault on its consulate in Damascus final Monday that killed Iran’s prime commander, Mohammad Reza Zahedi.
“None of the (Israeli) regime’s embassies are protected anymore,” mentioned General Rahim Safavi, an adviser to Iranian Supreme Leader Ayatollah Ali Khamenei.
Ukraine’s drone marketing campaign towards Russian refineries additionally pushed up oil costs, with robust financial progress and OPEC+ manufacturing cuts already tightening world provides.